Bank of New York Mellon Corp Buys 21,661 Shares of Prosperity Bancshares, Inc. $PB

Bank of New York Mellon Corp raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% during the first quarter, HoldingsChannel reports. The firm owned 811,182 shares of the bank’s stock after buying an additional 21,661 shares during the quarter. Bank of New York Mellon Corp’s holdings in Prosperity Bancshares were worth $54,495,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PB. AQR Capital Management LLC lifted its position in Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after buying an additional 1,516,939 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in Prosperity Bancshares by 910.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock valued at $90,607,000 after acquiring an additional 1,181,295 shares during the last quarter. Artisan Partners Limited Partnership bought a new position in Prosperity Bancshares during the fourth quarter valued at $44,822,000. Norges Bank purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $37,645,000. Finally, First Trust Advisors LP raised its stake in shares of Prosperity Bancshares by 119.3% in the fourth quarter. First Trust Advisors LP now owns 900,247 shares of the bank’s stock valued at $62,216,000 after acquiring an additional 489,798 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the completion of the transaction, the director directly owned 40,800 shares of the company’s stock, valued at approximately $2,840,496. The trade was a 1.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 12,100 shares of company stock valued at $849,312. Insiders own 3.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PB shares. Wall Street Zen raised shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Citigroup boosted their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, June 25th. TD Cowen increased their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Piper Sandler raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $76.36.

Prosperity Bancshares Price Performance

Shares of PB opened at $72.63 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company has a 50 day moving average price of $70.98 and a 200-day moving average price of $70.16. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock has a market capitalization of $7.33 billion, a PE ratio of 13.16, a PEG ratio of 1.17 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. Prosperity Bancshares’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.48%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.